Greece vs Portugal Golden Visa: which route fits your goals?

Greece retains an investor-residence route through eligible real estate. For ordinary purchases, the threshold is €800,000 in Attica, Thessaloniki and other specified zones, and €400,000 elsewhere. Special categories, including eligible conversions to residential use or restoration of listed buildings, may qualify at €250,000. An ordinary apartment at that price does not qualify merely because it is cheap enough.

Portugal's ARI offers different qualifying investments. Its €250,000 entry route includes qualifying cultural support; an eligible fund requires at least €500,000 and must meet separate rules. Buying a house, apartment or real-estate fund units is not a current route for new ARI applications. Comparing only the smallest quoted euro amount conceals very different assets and risks.

Both programmes produce residence permits, not citizenship on investment. The Greek administrative register describes a five-year investor permit while the conditions remain satisfied. Portugal's AIMA sets its own minimum-presence and renewal rules. Family eligibility and evidence must be assessed for each applicant rather than copied between programmes.

A Greek property purchase is not itself a residence approval: the property and the applicant must both qualify. New investor applications in the relevant Greek categories by Russian and Belarusian nationals remain suspended; dual nationality requires case-specific advice before a deposit. A Portuguese application likewise depends on applicant checks, banking compliance and a qualifying investment.

Neither permit converts automatically into a passport. Naturalisation is a separate process governed by the rules in force when applying, including actual residence and integration requirements. If citizenship is the main goal, plan the life you would need to establish in the country before choosing an asset.

Property and funds also carry different financial risks. An owner pays for maintenance, repairs, taxes and eventual sale. A fund investor accepts the manager's strategy, fees, maturity and limited liquidity. In either case, cost the full family file and a downside exit scenario, not just the programme threshold.

Greece may be a better fit if you genuinely want eligible property and can establish your right to file. Portugal may suit someone willing to assess an eligible fund or another permitted route without assuming that home ownership is required.

For each option, obtain written eligibility advice, a family-wide cost estimate, a document list, a tax assessment and an exit plan. Only then does a comparison of headline thresholds become meaningful.